A greater percentage of younger financial advisors have embraced smartphones and tablets than their older colleagues, according to the results of the 2014 Survey of Advisors and Mobile Devices, which was conducted recently by Montreal-based Transcontinental Inc.’s TC Media business solutions group in partnership with Credo Consulting Inc. of Toronto. (Investment Executive is part of Transcontinental’s TC Media business solutions group.)

The survey — completed by 450 financial advisors across Canada — asked advisors about their digital device usage. In examining the responses of those under the age of 45 and those over 45, the under-45 crowd was found to be incorporating digital devices into their business practices to a greater extent than their older colleagues.

Moreover, 87% of younger advisors said they are somewhat more effective or much more effective in their business practices as a result of mobile devices, compared to 77% of older advisors. The survey was commissioned by BlueRush Digital Media Corp. of Toronto.

As well, younger advisors have made a greater shift away from BlackBerry smartphones toward iPhones and Android phones, with only 25% of younger advisors owning a BlackBerry, compared to 39% of older advisors. The biggest shift has been the move to the iPhone — 48% of younger advisors own an iPhone, compared 39% to older advisors.

A higher percentage of younger advisors are using their smartphones to access video calling, social media platforms, banking and web search engines. As well, 26% of younger advisors use their smartphones to prepare for meetings with clients, while 37% use the device during client meetings, compared to only 20% of older advisors for both categories.

Similar results were seen for tablets with 31% of younger advisors using tablets during client meetings compared 29% of older advisors. The tablet of choice of both age groups continues to be iPad. Older advisors are more likely to use their tablets for remote access to a computer and email; younger advisors use them during meetings with clients, as a business productivity tool and to access social media.

As well, younger advisors are more likely to be downloading applications on tablets; 80% compared to 62% of advisors over the age of 45.

Jon Kilfoyle, vice president and regional manager at National Bank Financial Wealth Management in Winnipeg, has been using iPads during his seminars with financial advisors since 2011.

As a result, he is now seeing his team of advisors incorporating digital devices into their client meetings.

“I don’t like paper and I find that most people today don’t like having paper around,” says Kilfoyle. “Paper today is turning into a source of anxiety for many.”

To cut down on paper usage, Kilfoyle started using an application called “conference pad” during seminars, an app that allows a meeting organizer to load notes electronically on to a tablet, share the content with other tablet users but still control the flow of the presentation. Other tablet users cannot skip ahead or control slides.

“Handing a client a 50-page report and then asking [him or her] to sit down to review usually results in them flipping through it quickly or having family members flip through to different pages,” Kilfoyle. “This allows you to control the conversation at your own pace.”

Kilfoyle says that some of his older advisors are not interested in purchasing digital devices, and prefer to continue doing paper-based business. As well, not all clients are up to speed on digital devices. This means that advisors have to be aware of who their audience is.

Lack of training on digital devices may hinder advisors over the age of 45 from using these devices to their full potential, says Larry Lubin, president and CEO of BlueRush.

“We’re trying to move people to drink from the well, so we need to be doing a bit more hand-holding,” says Lubin. “I think the industry assumes that because these devices are intuitive, people will just gravitate towards them and be able to use every tool that these devices offer.”

Lubin adds that advisors may need specific training to understand how the devices function and how to use them effectively in their practices.

Several of the younger advisors on Kilfoyle’s team are a step ahead of their older counterparts — they have purchased tablets that they distribute to all parties during client meetings.

“Clients are able to follow along on their own device but the advisors can still drive the conversation, ” says Kilfoyle. “The devices are small enough that they don’t become the focal point of the meeting and advisor can still maintain eye contact with clients. You don’t want to use technology to get in the way of a personal connection; you want to use technology in a way to enhance the relationship.”

The 2014 Survey of Advisors and Mobile Devices, conducted between April 15 and April 24, has a margin of error of about 5%.

For more, see the Special Feature: Advisors go mobile.